No. You just lose any experience that is on the battlefield at the moment and occasionally you are scarred from your experience. To prevent the orbs from disappearing after you are knocked out, Resurrection Phials are needed.
You can also use other potions before you get knocked out. One augment can prevent scarring. Plus if you have the "Knothole Island" DLC where you can buy reverse scarring potions, but they cause devastating effects to your Purity.